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Canadian Dollar Rises Despite Negative Data

M. Ali 5 February, 2021 9:13 pm Forex Market, Market Update

The Canadian Dollar (CAD) is rising against the declining U.S. Dollar (USD) on Friday, despite data showing that the Canadian economy continues to be impacted by the Coronavirus pandemic.

Canada’s Ivey Purchasing Managers Index (PMI) rose last month, but remained below the 50-point mark, which signaled contraction for the second consecutive month.

In addition, data showed earlier today that the unemployment rate in Canada rose to 9.4% in January.

The CAD is trading higher against its U.S. counterpart by 0.41%, with the USD/CAD pair trading at 1.2775.

The pair has been moving today in a range between 1.2771 and 1.2833, after closing Thursday at 1.2827.

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